• Admin
• Sep 16, 2026
• Market Updates

Evening Steel Market Update: Ingot Prices Rally Across India While Scrap Markets Remain Mixed – 16 September 2026

Evening Steel Market Update: Ingot Prices Rally Across India While Scrap Markets Remain Mixed

The Indian steel market closed on a stronger note on 16 September 2026, with widespread gains recorded across the ingot segment and selective strength in scrap markets. Most major steel-producing regions reported higher prices, reflecting improved demand from rolling mills and secondary steel manufacturers.

The evening session saw positive momentum in key centers including Mandi Gobindgarh, Ahmedabad, Alang, Bhavnagar, Hyderabad, Raipur, Ghaziabad, Ludhiana, and Muzaffarnagar, signaling a firm market trend heading into the next trading session.

Ingot Market Shows Broad-Based Strength

The ingot segment witnessed one of the strongest sessions in recent weeks, with nearly all major markets reporting gains.

Major Ingot Highlights

• Mandi Gobindgarh: ₹48,300 (+₹200)

• Ahmedabad: ₹47,200 (+₹400)

• Alang: ₹46,900 (+₹600)

• Bhavnagar: ₹46,800 (+₹600)

• Hyderabad: ₹46,600 (+₹500)

• Ghaziabad: ₹46,400 (+₹400)

• Muzaffarnagar: ₹46,200 (+₹400)

• Raipur: ₹44,000 (+₹500)

• Raigarh: ₹44,300 (+₹400)

• Ludhiana: ₹49,600 (+₹200)

• Ludhiana EN8D: ₹50,000 (+₹200)

Among all major markets, Alang and Bhavnagar recorded the highest gains of ₹600 per MT, reflecting strong buying activity and improved sentiment in western India.

Only Goa and Mumbai remained unchanged during the session.

Scrap Market Performance

The scrap market remained mixed, with several regions posting healthy gains while a few markets witnessed declines.

Mandi Gobindgarh Scrap Strengthens

The Mandi Gobindgarh scrap market continued its upward movement:

• Scrap: ₹36,200 (+₹200)

• Melting Scrap: ₹39,700 (+₹200)

• End Cutting: ₹41,200 (+₹200)

• CRC Scrap: ₹42,200 (+₹200)

These gains indicate continued demand from local steel manufacturers and rolling mills.

Hyderabad Maintains Strong Momentum

Hyderabad remained one of the strongest scrap markets in the country with prices at:

• Hyderabad Scrap: ₹33,600 (+₹1,200)

The significant increase highlights strong procurement activity and tighter material availability in the region.

Other Notable Scrap Gains

• Mumbai: ₹36,500 (+₹900)

• Jammu: ₹38,500 (+₹500)

• Indore Melting: ₹38,300 (+₹500)

• Indore Old Scrap: ₹36,500 (+₹500)

• Raipur: ₹38,700 (+₹500)

• Raigarh: ₹39,600 (+₹400)

• Kotdwar: ₹38,200 (+₹200)

• Rourkela: ₹38,000 (+₹200)

Markets Under Pressure

While overall sentiment remained positive, some markets recorded corrections:

• Ludhiana Scrap: ₹42,500 (-₹1,300)

• Goa Scrap: ₹37,500 (-₹500)

• Delhi Scrap: ₹41,100 (-₹100)

• Bhavnagar Scrap: ₹38,500 (-₹100)

The sharp decline in Ludhiana scrap prices was the most notable correction of the session.

Market Analysis

The evening session indicates that steel manufacturers remain active buyers despite recent price increases. Strong gains in ingot markets across western, northern, and central India suggest improving confidence among producers.

At the same time, mixed scrap trends indicate regional supply-demand imbalances, with some markets facing stronger procurement pressure while others experience temporary corrections.

Industry participants are closely watching raw material availability, freight costs, and mill booking activity, which may continue to influence pricing in the coming days.

Key Market Highlights

✅ Mandi Gobindgarh Ingot reaches ₹48,300 per MT

✅ Ahmedabad Ingot rises ₹400 per MT

✅ Alang and Bhavnagar Ingot surge ₹600 per MT

✅ Hyderabad Scrap jumps ₹1,200 per MT

✅ Mumbai Scrap gains ₹900 per MT

✅ Raipur and Indore Scrap strengthen by ₹500 per MT

✅ Ludhiana Scrap falls sharply by ₹1,300 per MT

✅ Overall steel market sentiment remains bullish

Conclusion

The Indian steel market ended the day on a positive note, led by widespread gains in ingot prices and selective strength in scrap markets. Strong performances in Mandi Gobindgarh, Ahmedabad, Alang, Hyderabad, Raipur, and Ludhiana indicate healthy industrial demand and continued market resilience.

Market participants should monitor procurement activity and scrap availability closely, as current trends suggest the possibility of further price movement in the upcoming trading sessions.